Goodwill and Intangible Assets
|9 Months Ended|
Sep. 30, 2020
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangible Assets||Goodwill and Intangible Assets
The table below presents goodwill balances by business segment and All Other at September 30, 2020 and December 31, 2019. The reporting units utilized for goodwill impairment testing are the operating segments or one level below.
At September 30, 2020 and December 31, 2019, the net carrying value of intangible assets was $2.2 billion and $1.7 billion. During the three months ended September 30, 2020, the Corporation recognized a $585 million intangible asset, which is being amortized over a 10-year life, related to the merchant contracts that were distributed to the Corporation from its merchant servicing joint venture. For more information, see Note 10 – Commitments and Contingencies.
At September 30, 2020 and December 31, 2019, intangible assets included $1.6 billion of intangible assets associated with trade names, substantially all of which had an indefinite life and, accordingly, are not being amortized. Amortization of intangibles expense was $30 million and $62 million for the three and nine months ended September 30, 2020 compared to $29 million and $84 million for the same periods in 2019.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef